Roborock(688169) 智通财经网·2025-05-22 08:52Core Viewpoint - Stone Technology (688169.SH) continues to experience significant growth in performance, driven by strong demand in the cleaning appliance sector and strategic market share expansion efforts [1][3][4]. Group 1: Company Performance - In April 2025, online sales of robotic vacuum cleaners reached 1 billion yuan, a year-on-year increase of 81%, with sales volume at 300,000 units, up 74% [1]. - Stone Technology's online sales of robotic vacuum cleaners grew by 72% year-on-year, capturing a market share of 26% in April 2025 [1]. - The company's revenue for Q1 2025 was 3.428 billion yuan, reflecting an 86.22% year-on-year increase, with a net profit of 267 million yuan [3]. Group 2: Market Strategy - The company has adopted a strategy of sacrificing some profit margins to increase market share, which has led to rapid revenue growth [1][4]. - Stone Technology's focus on enhancing industry advantages has resulted in a decline in profit margins but a significant increase in market share, moving from a secondary to a primary market position [3][4]. - The company is expected to maintain its leading position in the robotic vacuum cleaner market in China, Europe, and the United States if it continues its current strategy [2][4]. Group 3: Industry Trends - The cleaning appliance sector is benefiting from government subsidies and promotional activities, leading to sustained growth in online retail sales [5][6]. - In the first two months of 2025, online retail sales of cleaning appliances in China reached 3.7744 million units, a year-on-year increase of 36.3% [6]. - The global smart robotic vacuum cleaner market is projected to grow, with Stone Technology achieving the highest sales volume and revenue globally in 2024 [9]. Group 4: Competitive Landscape - In 2024, Stone Technology's global market share reached 16%, surpassing iRobot for the first time in shipment volume [9]. - iRobot's global shipment volume declined by 6.7% in 2024, indicating pressure from Chinese competitors [9]. - The company is actively expanding its supply chain and production capabilities to mitigate the impact of tariffs and enhance its competitive position in the U.S. market [10].